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Model Note · OIL INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
OIL INDIA LTD Discounted cash flow · base FY26
OIL INDIA LTD
Value per share, this model₹339
CMP 2026-09-10₹489.80
Difference(30.7)%
Growth the CMP implies10.7%/yr
This note states the assumptions and the arithmetic of one model of OIL INDIA LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
2.5% a year
FY26 2.4% · 5-yr CAGR 10.5%
EBITDA margin
28.2%
FY26 28.2% · 5-yr average 31.9%
Depreciation · capex, % of revenue
7.3% · 0%, fading to 1.2× depreciation
FY26 7.3% · 0.0%
Working capital, % of added revenue · tax
17.9% · 24%
65 working-capital days · effective 24.0%
Discount rate
11.00%
1-yr beta -0.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹34,636 · ₹0 · ₹0 cr
FY26 net debt ₹34,636 cr
Shares
162.66 crore
162.66 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
37,050
37,976
38,925
39,898
40,896
41,918
growth %
2.4
2.5
2.5
2.5
2.5
2.5
EBITDA
10,446
10,709
10,977
11,251
11,533
11,821
Depreciation
(2,712)
(2,772)
(2,842)
(2,913)
(2,985)
(3,060)
NOPAT
5,877
6,032
6,183
6,337
6,496
6,658
less capex
0
0
(852)
(1,748)
(2,687)
(3,672)
less working-capital build
—
(166)
(170)
(174)
(179)
(183)
Free cash flow to firm
—
8,639
8,002
7,328
6,616
5,863
Present value
8,199
6,842
5,645
4,592
3,666
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · OIL INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
28,945
PV of the terminal value (68% of EV)
60,892
Enterprise value
89,837
less net debt
(34,636)
less non-controlling interest
0
add non-operating investments
0
Equity value
55,201
÷ 162.66 crore shares
₹339
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
356
394
438
493
562
10.5%
317
348
384
428
482
11.0%
283
309
339
375
419
11.5%
253
276
301
331
366
12.0%
228
247
268
294
323
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
